Retail investors often focus on the returns of risky assets themselves, while ignoring their inherent volatility. For example, is a person who owns a house worth 10 million yuan more comfortable than a person with 10 million yuan in cash? Five years ago, many people would have thought the former was acceptable, but now everyone has been thoroughly educated by the market, realizing that real estate not only has significant volatility and potential drawdowns but may also lack liquidity and cannot be easily liquidated, not to mention that it cannot generate returns relative to cash (the mortgage interest rate can be considered as a relatively low-risk return for small funds, about 3.8%, what rental income can outperform that? The risk-free return for large funds can only refer to large time deposits and other fixed-term products).